Buying a home is intimidating for a lot of people. However, with a bit of up-front planning, it's not all that complicated. I like to provide buyers with an overview of the entire deal so they'll know exactly what they can expect. Here are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are a lot of things you need to consider prior to starting your home search. When you begin your search, you'll want to put together a list of features you need to have, get a feeling for what school districts you'd like to live in, and begin planning around your budget. Keeping your mortgage payment around 30 percent of your net monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent
This is where Coldwell Banker Classic Properties can help. We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the Barre area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan. There are some great mortgage professionals in Barre, and I partner with a lot of them, so you're in great hands. They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first meeting, I'll start searching for houses on the market that are a good fit for you. I'll preview many of the houses and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we view the homes, I'll point out positive features and bad ones. And I'll ask you to point out what things you like and dislike. As a rule, buyers update their list of must-haves as we view houses and some items become far more crucial than others. If that's the case, I'll search all the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Barre housing market is a crucial agent in your house search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I can alert you to what areas are "hot" and call for immediate action and others that are "cold" and allow for cautiousness.
When we tour homes, I'll be sure to tell you when the asking price has room for bargaining and also when I trust the home is "priced to sell." Any REALTOR® in Barre will convince you they know the home market, but be wary, and be sure to ask your agent plenty of questions. If things don't add up, just call me at 802-223-6300 or e-mail me at firstname.lastname@example.org, and I'll be more than happy to answer your questions. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the house of your dreams in Barre. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When we submit your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's usually applied to the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer. It's really common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain a loan
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan. This shouldn't take long at all if you're pre-qualified, but you should to stay in close contact with your lender. And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of accepting your application. The estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if everything looks okay.
Then we'll close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and easygoing event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, make sure you call me at 802-223-6300 or send me an e-mail.